China prioritized cloud-capital self-sufficiency over short-term trade gains

Evidence

Not only did Beijing not succumb to pressure to revalue the yuan (as Japan had ruinously agreed to do with the yen), its Big Tech conglomerates, like Huawei and ZET, licked their significant wounds and set about creating their own operating system and platform software. Despite the great costs involved, China’s rulers understood that their future relied on not handing over their cloud capital, and of course their cloud finance, to America. — Yanis Varoufakis, Technofeudalism, 597

Categorization

• corroborated: 2 independent passages support this claim — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 597
• XREF: connects to: China operates a self-contained cloud empire as advanced as the West’s — Nick Couldry & Ulises A. Mejias, The Costs of Connection: How Data Is…, 210; The US-China Dark Deal traded market access for investment in American FIRE — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 566; Cloud capital lets China extract US rents without needing the dollar or trade deficits — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 588 (+4 more)

Broader Connections

• Colonial-style ownership extends to device production and cloud computing capacity #qualifies (0.80) — Nick Couldry & Ulises A. Mejias, The Costs of Connection, 92
• Floating exchange rates preconditioned the rapid liberalization of global capital #complicates (0.75) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 448
• Free traders rationalized export-led primary production over industrial diversification with self-contradictory logic #responds-to (0.70) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 1281